Pipavav boosts funds

AMP, the Australian infrastructure investment fund, is buying a four per cent stake in India's first joint sector port, the Gujarat Pipavav Port Ltd (GPPL), at a price of over Rs80 per share.

Worth around US$12 mill, the deal comes shortly after AP Moller subsidiary Maersk Sealand acquired a 14 per cent stake in GPPL at Rs70 per share, with an option to increase its stake to 26 per cent within two years (see WorldCargo News June 2001, p4)....